Senior U.S., China officials to meet this week on trade: White House

WASHINGTON (Reuters) - Three of President Donald Trump’s senior economic aides are expected to meet this week with a top Chinese economic official to discuss trade disputes between the United States and China.

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin briefs on North Korea at the White House in Washington, U.S., February 23, 2018. REUTERS/Jonathan Ernst

The talks are likely to cover a range of differences including intellectual property and steel.

Trump has long called for a more balanced trade relationship with China and threatened to impose a big “fine” against China to protect American intellectual property. U.S. officials said Trump has been discussing imposing a global tariff on imports of steel from China, the world’s largest steel producer, and other countries.

“I don’t think we’ve ever had a better relationship with China than we do right now,” Trump told reporters last Friday. “The only thing that can get in its way is trade, because it so one-sided, it’s so lopsided.”

The talks with Liu may help determine the trajectory of the U.S.-Chinese trade relationship, which Trump believes is heavily tilted in favor of China.

A senior U.S. official said there was skepticism on the U.S. side that a trade breakthrough could be achieved any time soon.

“We’re trying to treat this with an open mind. But the Chinese don’t really want to make a deal. They like the status quo,” the official said.

FILE PHOTO: Robert Lighthizer, United States Trade Representative, makes statements to the media following NAFTA round six renegotiations in Montreal, Quebec, Canada January 29, 2018. REUTERS/Christinne Muschi

There was no plan for Trump himself to meet Liu but officials did not rule it out if progress was being made.

The U.S. Commerce Department said on Tuesday it was imposing duties on imports of aluminum foil from China after determining that the product is being sold in the United States at less than their fair value.

“This administration is committed to trade that is fair and reciprocal, and we will not allow American workers and businesses to be harmed by unfair imports,” Commerce Secretary Wilbur Ross said.

Liu, a Harvard-trained economist and trusted confidant of Chinese President Xi Jinping, has emerged as the front-runner to be the next governor of China’s central bank, according to sources with knowledge of the situation. Liu is the top adviser to Xi on economic policy and is also expected to become vice premier overseeing the Chinese economy. (reut.rs/2EXQ0EG)

A source close to the White House said Trump had expressed interest in imposing a tariff on steel imports of at least 24 percent. The White House said no final decision had been made.

The Commerce Department on Feb. 16 recommended that Trump impose stiff curbs on steel imports from China and other countries and offered the president several options ranging from global and country-specific tariffs to broad import quotas.

A blanket tariff on steel would cover every steel and aluminum product entering the American market from China.

China has expressed concerns over excessive protectionism in the U.S. steel sector and urged restraint. It has also said it will oppose any “unfair and unreasonable” trade measures by countries such as the United States.